GemVax holds two businesses of entirely different character in one body. The side that earns money today is the 'CA filter' used in the cleanrooms of semiconductor and display plants, supplied to customers such as Samsung Electronics and SK Hynix, and it accounts for most of the revenue. The other pillar is a drug-development business developing 'GV1001', a telomerase-derived peptide, for Alzheimer's disease and progressive supranuclear palsy (PSP), among others; it has no revenue yet, with its value hinging on clinical success and technology licensing. In 2025 the semiconductor upturn lifted filter demand, and the company turned to the black with consolidated revenue of ₩81.5 billion (up 30% year over year) and operating profit of about ₩3.8 billion, but the share price fell sharply after GV1001's global Phase 2 in Alzheimer's failed to demonstrate significance versus placebo on the key efficacy endpoint. The notable point recently is that the recovery in the core filter business and progress in the remaining pipeline such as PSP are strengths, while financial and governance variables — a net loss, high debt, repeated rights offerings and convertible bonds, and largest-shareholder collateral agreements — must be watched together.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 65.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 30.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 47.6% higher than a year earlier.
- ROE is -19.8% (total-net basis). It is below the sector average.
- Operating margin is 4.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Gem & Company 10.51% (corporate)
Controlling bloc incl. related parties 25.92%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- GemVax runs two businesses of entirely different character together.
- The first is its environmental-pollution-control business, whose core product is the 'CA filter' that purifies cleanroom air in semiconductor and display plants.
- This filter makes up most of the company's revenue (about 95%), with major customers being semiconductor makers such as Samsung Electronics and SK Hynix.
- Because the filter is a consumable continually replaced in the process, demand rises as semiconductor utilization goes up.
- The second is its bio drug-development business, developing 'GV1001', a 16-amino-acid peptide derived from the enzyme telomerase, for Alzheimer's disease, progressive supranuclear palsy (PSP) and benign prostatic hyperplasia, among others.
- This drug business has no revenue yet; it earns money only if it passes clinical trials and succeeds at 'technology licensing' — handing the technology to another company.
- In other words, today's profit is earned by the filter, while the big future picture is drawn by the drug.
- The recent trend has bent sharply lower.
- The closing price of ₩10,940 is more than 82% below the one-year high.
- It is down 60% over three months and 64% over six months, a deep decline.
- The 20-day, 60-day and 120-day moving averages (recent average trend lines) are all above the current price, so the short- and medium-term trends point down.
- The RSI (an indicator that gauges recent upward and downward strength on a 0-100 scale) is 31, close to oversold territory.
- The main backdrop to this plunge is disappointment in the drug clinical results and repeated fundraising.
- The correction was large enough that the current price falls well below the ₩26,000-level prices at which rights offerings and convertible bonds were issued.
- Valuation metrics are hard to measure with a single yardstick because of the dual business structure.
- The P/E ratio (how many times one year's earnings the price represents) cannot be calculated because of the net loss.
- The P/B (how many times the company's net assets the price represents) is 8.46x, which is high for a filter maker alone.
- This means the market is pricing in the value of the GV1001 drug rather than book equity.
- Profitability is at a crossroads: the operating margin has returned to positive at 4.7%, but ROE (how much is earned in a year on equity) is -19.8%, still in the red on a net basis.
- A good part of the loss comes from outside operations — namely drug-development costs and financial expenses — which should be viewed separately.
- The balance sheet carries some burden: the debt ratio (debt relative to equity) is 178%, and the current ratio (assets that can be turned into cash quickly against debt due within a year) is 66%, below 100%.
- Interest coverage (how many times operating profit can pay interest) is below 1x.
- Net debt (total borrowings less cash) is about ₩40.5 billion, so it is in a position of more debt than cash rather than net cash.
- The FCF yield (actual cash generated relative to market cap) is -0.2%, a phase where free cash is not yet being produced.
- Top-line growth is clear.
- Consolidated revenue paused once, at ₩72.2 billion in 2023 and ₩62.7 billion in 2024, before rebounding 30% to ₩81.5 billion in 2025.
- First-quarter 2026 revenue also rose 47.6% year over year to ₩18.3 billion, continuing the growth.
- The backdrop to this recovery is an improving semiconductor cycle: when the process runs busily, demand for the consumable filter rises, and filter revenue grew with it.
- On the earnings side, an inflection is underway.
- Operating profit turned to the black, from -₩38.3 billion in 2024 to +₩3.8 billion in 2025.
- But the net result was a loss of -₩11.3 billion in 2025, a fourth straight year of loss, and the first quarter of 2026 also posted an operating loss of ₩0.8 billion and a net loss of ₩1.5 billion.
- In other words, the core filter business has begun to turn a profit, but a structure remains in which financial expenses and drug research-and-development costs drag net profit down.
- The company's official revenue and profit targets for this year have not been confirmed, so the forecast below honestly leaves the numeric estimates blank.
- Recent disclosures read in three streams.
- First, the light and shade of the drug's clinical trials.
- GV1001's global Phase 2 in Alzheimer's disease ran at 43 institutions across seven countries in the United States and Europe; safety was confirmed, but on the key efficacy endpoint (change in cognitive function at week 52) it failed to demonstrate statistical significance versus placebo.
- By contrast, the PSP trial confirmed statistical significance in the low-dose group, moving to the stage of submitting a domestic Phase 3 clinical plan.
- Research on the Alzheimer's mechanism of action was also published in an international journal.
- Second, financing.
- Decisions to conduct a third-party rights offering (operating and R&D funds) and to issue convertible bonds (debt repayment) followed one after another, and there were also several disclosures of the largest shareholder providing its shares as collateral.
- Third, in June it held a briefing (IR) to explain its business and pipeline.
- Drug progress is a medium- to long-term expectation factor, but the disappointment in the Alzheimer's trial and the repeated fundraising and collateral provision are matters to watch together.
- GemVax is a company with 'the filter that earns today' and 'the drug that bets on the future' in one body.
- The strengths are clear.
- If the semiconductor cycle continues, revenue and operating profit in the core filter business improve together.
- On top of that, if a pipeline that has confirmed significance, such as PSP, connects to Phase 3 or technology licensing, the drug expectation reflected in the current price could turn into substance.
- The cautions are equally clear.
- The Alzheimer's global Phase 2, a major axis of drug expectation, failed to demonstrate efficacy, weakening one expectation.
- Even though the filter has begun to turn a profit, the net result is still a loss, the debt ratio is high, and the current ratio is below 100%.
- Repeated rights offerings and convertible bonds for operating, R&D and debt-repayment purposes can dilute existing holders' stakes, and governance variables such as largest-shareholder collateral agreements also remain.
- In the end, it is accurate to see this company as strong when the filter cycle and the remaining drug trials and funding situation align together, and prone to wavering if even one of them goes off.
🔎 Valuation vs peers Inconclusive
Because it has a dual structure holding both a core filter business (semiconductor cleanrooms) and a clinical-stage drug, the filter/environmental-equipment side and the clinical-stage bio side are viewed separately and then combined for the judgment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Pharm | 10.45x | 1.00x | 9.54% |
| Shinsung E&G | — | 1.39x | -3.00% |
| ABL Bio | — | 29.13x | -24.44% |
| Genexine | — | 0.43x | -11.03% |
GemVax is a company hard to value with a single yardstick. Looking only at the core filter business, a P/B of 8.46x is clearly higher than cleanroom and environmental-equipment firms such as Shinsung E&G (1.39x). Conversely, looking only at the clinical-stage bio side, the market prices each pipeline very differently, between ABL Bio (29x) and Genexine (0.43x), so 8.46x cannot be seen as especially high on its own. In other words, this figure is the result of expectations attached to the GV1001 drug, not the book value of the filter business. The limits of trailing metrics are also large. Operating profit turned to the black, but with a net loss there is no P/E at all, and the P/B alone cannot capture a future value that will vary greatly with the drug's success or failure. Moreover, since the disappointment in the Alzheimer's global Phase 2 one axis of drug expectation has weakened, and the company's official targets for this year's results have not been confirmed, so the figure is hard to fix even on a forward basis. For these reasons, rather than declare the stock cheap or expensive, we treat it as a stock whose value varies greatly with the outcomes of three axes — the filter cycle, the remaining drug trials and the funding situation — and view it as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩10,940 and the market capitalization is ₩484.3 billion. The price sits below its 20-day moving average (₩12,280) and below its 60-day moving average (₩17,360). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 31.4, a neutral level. The one-month change is -15.8%, the three-month change is -60.4%, and the position relative to the 52-week high is -82.3%. Relative strength versus the KOSDAQ is 3 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 3% of all stocks. Over the past three months it lagged the index by 50.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -50.03% / 6M -53.37% / 12M -81.90%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 8.46x is above the sector median (1.44x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -19.8%, below the sector average (5.0%). The operating margin is 4.7%. The debt ratio is 177.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $47.9M | $41.6M | $54.0M | +30.05% ↑ faster |
| Operating profit | -$5.2M | -$25.4M | $2.5M | — |
| Net profit | -$18.0M | -$57.8M | -$7.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $40.0M | $50.2M | $47.9M | $41.6M | $54.0M |
| Operating profit | -$2.4M | -$2.6M | -$5.2M | -$25.4M | $2.5M |
| Net profit | $8.0M | -$13.0M | -$18.0M | -$57.8M | -$7.5M |
| Revenue CAGR | 4-yr avg 7.80% | ||||
Revenue rose 30.0% year over year (2023 ₩72.2 billion → 2024 ₩62.7 billion → 2025 ₩81.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.8%. The two-year revenue CAGR is 6.3%. In the most recent quarter (Q1 2026), revenue was 47.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 30.0% year over year, a sign of growth.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 65.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2025-11-01UpdateReceived the result report for GV1001's global Phase 2 in Alzheimer's disease — safety was confirmed, but at week 52 it failed to demonstrate statistical significance versus placebo on the key efficacy endpoint (43 institutions across seven countries in the United States and Europe).Because efficacy was not confirmed for the Alzheimer's indication, a major axis of the drug's corporate value, it weighed heavily and negatively on the share price. Still, securing safety remains a clue for follow-on development. Source
- 2026-04-09UpdateReceived the final result report for GV1001's extended trial in progressive supranuclear palsy (PSP) — disclosed as confirming statistical significance in the low-dose group.Unlike Alzheimer's, this is an indication with confirmed significance, a basis for medium- to long-term expectations leading to a domestic Phase 3. Connecting to revenue requires follow-on trials, approval and contracts. Source
- 2026-05-22FilingDecided to issue convertible bonds (material-event report) — privately placed convertible bonds for debt repayment. An amended disclosure of a rights-offering decision was also made the same day.A measure that eases the near-term funding burden, but conversion increases the share count and can dilute existing holders' stakes. A signal that financial pressure remains. Source
- 2026-06-02UpdateSigned a share-collateral agreement (amended) that could entail a change of largest shareholder — the largest shareholder's shares provided as collateral.With the largest shareholder's shares pledged as collateral, there is a possibility of a governance change if the collateral is enforced. A factor to watch on financial and ownership stability. Source
- 2026-06-10IRHeld a briefing (IR) — explaining the business situation and drug pipeline.An IR at a time following successive clinical results and fundraising, a chance to see how the company explains the filter outlook and drug follow-on plans. Not an event that changes results. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10Disclosure
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-02OwnershipLargest-shareholder ownership change report (amended)
- 2026-06-01OwnershipLargest-shareholder ownership change report (amended)
- 2026-06-01Disclosure
- 2026-05-22Material-fact report
- 2026-05-22Material-fact report (amended)
- 2026-05-22OwnershipLargest-shareholder ownership change report (amended)
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-19OwnershipLargest-shareholder ownership change report (amended)
- 2026-05-15OwnershipLargest-shareholder ownership change report (amended)
- 2026-05-15PeriodicQuarterly report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.